Whether you‚Äôre putting together a budget, a forecast, or a what-if scenario for your organization, they all entail historical actuals and projections, so you can plan for managing your specific manufacturing or distribution corporation, maneuvering around obstacles and seizing opportunities in the upcoming period.¬† There are a plethora of software options for manufacturing and distribution organizations relying on Dynamics NAV that can expand your planning processes, whether you craft your own budgeting solution, rely on native Dynamics NAV functions, or opt for an independent software vendor (ISV) solution.¬† This article will discuss your best options for today‚Äôs budgeting, forecasting, and modeling demands, specifically to meet your manufacturing or distribution planning objectives with Microsoft Dynamics NAV.
Whether you are budgeting, forecasting, or comparing what-if scenarios for your organization, historical actuals and projected figures are required so you can strategize particularly for your retail company, maneuvering through challenges and opportunities in the upcoming months and years.¬† There are plenty of solutions that are impactful for retail organizations to upgrade planning procedures with Dynamics NAV, whether you elect to build your own process, depend on NAV‚Äôs built-in budgeting functionality, or go with an independent software vendor (ISV) tool.¬† This article will explore the most popular options for modern budgeting, forecasting, and modeling, particularly to meet your retail planning goals with Microsoft Dynamics NAV.
Whether you‚Äôre budgeting, forecasting, or modeling for your organization, you need historical actuals and projected figures, so you can build a plan to navigate challenges and seize opportunities in the coming months, quarters, and years.¬† A lot of Sage customers default to Sage Active Planner when choosing a planning tool despite that it is aging and despite the limitations or issues you might read about if you do a quick search on the internet.¬† However, there are several budgeting tools available for Sage customers that can upgrade your planning functionality, whether that be homegrown, native Sage ERP abilities, or an independent software vendor (ISV) offering.¬† This article will discuss your best options for replacing Sage Active Planner.
No matter if you are budgeting, forecasting, or analyzing what-if scenarios for your company, they all consist of historical actuals and projections, so you can plan specifically for managing your retail organization, circumventing obstacles and maximizing your momentum in the coming period.¬† There are several tools that can assist retail companies using Dynamics AX to expand their planning processes, whether you choose to craft your own method, rely on the native Dynamics AX budgeting function, or opt for an independent software vendor (ISV) solution.¬† In this article, I‚Äôll discuss your top options for today‚Äôs budgeting, forecasting, and modeling, specifically to meet your retail planning objectives with Microsoft Dynamics AX.
It doesn‚Äôt matter if you‚Äôre crafting a budget, a forecast, or a what-if analysis for your corporation – they all require actual historical figures and projected numbers, so you can strategize effectively for management of your manufacturing or distribution business, overcoming hurdles and maximizing opportunities in the next period.¬† There are plenty of solutions that can help manufacturing and distribution organizations relying on Dynamics AX to upgrade their planning tasks, whether you decide to design your own procedure, depend on built-in Dynamics AX functionality, or go with a third party tool.¬† This article will explore some of your top options for modern budgeting, forecasting, and modeling particularly to meet your manufacturing or distribution planning goals with Microsoft Dynamics AX.
In this article, I‚Äôll explore what-if analytics and modeling functionality built into some of today‚Äôs budgeting software for planning that accounts for variables with Microsoft Dynamics.
Budgeting is a task that requires actual data, research, goal setting, and teamwork, and depending on your planning process, a lot can happen to change the course of your budget.¬† Thus, I would argue that besides historical actuals, there are enough variables in the context of financial planning for your company that makes budgeting a challenging task at times.
If you like to see some options and dynamically approach planning by being adaptable and exploratory with different outcomes, what-if analyses and modeling will allow you to do just that.¬† In this article, we‚Äôll explore what-if planning and modeling functionality that comes with some modern budgeting tools for Microsoft Dynamics customers.
What is What-If Analysis?¬†
Basically, a what-if analysis boils down to the business end user altering the values in the cells of your budget spreadsheet to illustrate how certain changes can impact the results of your formulas.¬† Because a lot of companies are using Excel for budgeting, including Excel add-in planning software, we‚Äôll talk in Excel terminology.¬†¬†
For example, one term we will use is ‚Äúscenario,‚ÄĚ which is a set of values for your multiple what if analysis in excel. Users can design and save multiple sets of values on a worksheet and then substitute these scenarios into the financial plan to see the difference in outcomes.¬†
Another example would be if you would like to budget for your most ambitious goal setting, something in the middle, and the worst case scenario.¬† You can put together these three scenarios on the same spreadsheet and then, easily switch between them to see what thresholds you would need to cross to reach the results you established in your scenarios.
As we all know, budgeting is rarely a one-person responsibility, so people across the organization have to bring together actual figures and projections for the next period to set a financial plan.¬† If you have multiple people offering particular data in disparate spreadsheets that you‚Äôd like to utilize for scenarios, you can gather these workbooks and integrate their scenarios.¬† Some of the more modern solutions allow you to distribute password protected access rights, so that can smooth out collaboration and privacy concerns.¬†¬†
Once you have configured and assembled all of the scenarios that you want, you can produce a summary statement that includes data from these scenarios.¬† This report showcases all of the scenario data in one table on a new spreadsheet.
Another Excel term that has to do with what-if analysis dashboards is a data table.¬† Data tables only work with one or two variables, but can include many different values for these variables.¬†
If you are employing a formula that has one or two variables ‚Äď or even several formulas that all utilize the same variable, you can employ a data table to view all of the results in one space.¬†
In terms of business user friendliness, data tables are easy to understand and share because you are zooming in on only one or two variables.¬† While data tables are limited to just two variables, a data table can use as many different variable values as you need whereas scenarios cap out at 32 different values.¬† Additionally, if automated recalculation is set up for the workbook, the information in your data table recalculates automatically for fresh, real-time data.
How to Prepare for the Worst Case Scenario with What-If Analyses
What-if scenarios do have their potential drawbacks.¬† Because their purpose is to determine the risk and probability associated with the marketplace, evaluating past performance and projections for the future, there is a chance that the worst case scenario can happen because of the way the variables roll out in the business world.¬†¬†
The worst case scenario can more or less occur even though a what-if analysis establishes that outcome as an outlier ‚Äď and can you tolerate that result?¬† One way to be more prepared and aware of the variety of results is to do a random factor analysis, running thousands of independent trials with your software to randomly assign values to your factors. You may be wondering how to do a factor analysis in excel? The most prevalent kind of random factor analysis is called a Monte Carlo analysis, which randomly assigns factor values from a data set configured for the variable‚Äôs specific probability distribution.
Historical actuals help decision-makers understand past performance with straightforward simplicity, but revenue and expenses from last year have no influence on future performance, risk or return.¬† Therefore, what-if analyses can model multiple ways that your future can play out, so you can prepare to meet your own informed goals, objectives, and plans for the year.¬† Luckily, Microsoft Dynamics customers have a lot of options in terms of planning software.
What-if analyses and modeling are just pieces of the pie in regard to budgeting ‚Äď and now couldn‚Äôt be a better time to start considering a modern, powerful budgeting tool.¬† While most companies are relying on homegrown processes in Excel or Microsoft‚Äôs mature budgeting offering, Forecaster, independent software vendor (ISV) products are becoming more prevalent in finance departments around the world.¬† Simply, this is due to the consumer-driven features and functionalities in third party offerings that provide an easy-to-use, secure, and collaborative planning for business end users. ¬† You should consider several things, so you can pick the right solution for your planning needs.
When looking at third party software for what-if analysis dashboards, you‚Äôll want to choose the best platform for your team. To make the best decision first evaluate the following:¬†
- How secure the program is for powerful collaboration
- Ability to fully integrate the software¬†
- Comprehensive suite of BI tools
- User friendliness of the product for your colleagues to utilize
You will also want to make sure that the tool comes with important functionality, like what-if analytics, modeling, multiple year budgets and rolling forecasts, etc.¬† You have a lot to consider, but budgeting as a corporate task is worth your time, money, and energy to find the premier software that can take your planning processes to the next level.¬†¬†
Contact Solver for What-If Analysis Resources¬†
Solver offers an Excel- and Web-based budgeting module stand-alone and as part of the comprehensive suite of BI modules and would be happy to answer questions and generally review BI360‚Äôs easy-to-use Planning solution for collaborative, streamlined decision-making capabilities, like what-if analyses and modeling, with Microsoft Dynamics.
Regardless of whether it is a budget, a forecast, or a what-if scenario you are putting together for your company, you will need actual historical numbers and projections, so you can plan effectively for managing your manufacturing or distribution company, meeting challenges and seizing opportunities in the coming period.¬† There are several software choices that can aid manufacturing and distribution companies using the Sage X3 ERP system in taking their budgeting to the next level, whether you choose to design your own process, rely on native Sage X3 functionality or select an independent software vendor (ISV) tool.¬† This article will discuss some of the premier options for today‚Äôs budgeting, forecasting, and modeling specifically to meet your manufacturing or distribution planning needs with Sage X3.
Regardless of whether it is budgeting, forecasting, or modeling for your company, you will need actual historical numbers and projections, so you can craft a strategy to overcome obstacles and maximize opportunities in upcoming months, quarters, and years.¬† There are a number of software solutions for Sage 300 customers that dramatically expand your budgeting abilities, whether you design something yourself, rely on native Sage 300 capabilities or a third party budgeting tool.¬† I will lay out some of your best options in this article for today‚Äôs budgeting, forecasting, and modeling with Sage 300 data.
Whether you are budgeting, forecasting, or modeling for your business, you‚Äôre going to need projected numbers and actual historical figures, so that you can put together a plan to manage organizational challenges and opportunities in the coming year.¬† There are plenty of technology options for Sage X3 users that greatly enhance your budgeting tasks, whether you build something yourself, depend on built-in Sage X3 functionality or an independent software vendor (ISV) solution.¬† In this article, we‚Äôll round up some of the best tools for modern budgeting, forecasting, and modeling for Sage X3 customers.